REXEL IN 2017 Net financial expenses in the ful l year amounted average debt year-on-year and lower average to €145.9 mil lion (vs €146.3 mil lion in 2016). Both effective interest rate, thanks to the various periods included charges related to refinancing refinancing operations. The average effective operations: interest rate on gross debt decreased by 37 bps 2017 included a net charge of €18.8 mi l l ion year-on-year in 2017 to 3.2% (vs. 3.5% in 2016). • related to early redemptions of (i) the remaining Income tax in the full year represented a charge of outstanding USD330 million from the Senior notes €71.5 million (vs. €116.4 million in 2016), a decrease issued in April 2013 and (ii) the €500 million from of 38.6%, mainly reflecting a 29.6% decrease in Senior notes issued in May 2015. 2017 was also profit before tax. The effective tax rate is lower at impacted by a €10.9 million non-recurring expense 40.5% (vs. 46.4% in 2016), reflecting the non-cash associated with the discounting of letters of credit one-off effect of the revaluation of our deferred tax due from overseas financial institutions; liabilities in the US following the adoption of the new •2016 included a net charge of €16.3 million related tax reform. This way offset by non-tax-deductible to the early redemption of (i) the €650 mil lion charges from goodwill impairment and capital loss notes issued in Apri l 2013 and (ii) the early on asset disposal repayment of USD170 million (c. €150 million) from the Senior notes issued in April 2013. Net income in the ful l year dropped by 21.9% to €104.9 million (vs. €134.3 million in 2016). Restated for those net charges, net financial expenses decreased from €130.0 million in 2016 to Recurring net income in the full year amounted to €116.2 mil lion in 2017. This largely reflected lower €291.2 million, up 16.4% year-on-year. FINANCIAL STRUCTURE Net debt reduced by at December 31, 2016 to 10.8% at December 31, 6% 2017. This increase reflected higher inventories to support a deeper and larger offer and the opening year-on-year at December 31, 2017 of branches/counters in the US, as presented at the latest Capital Markets Day, and a decrease by The indebtedness ratio stood at 1.5 days of payables. 2.8x At December 31,€2,041.2 mi l l ion, down 6.0% year-on-year (vs.2017,net debt stood at at December 31, 2017 €2,172.6 million at December 31, 2016). It took into account: In the full year, free cash flow before interest and tax was an inflow of €384.3 million (vs. an inflow of •€120.8 million of dividend paid early July €439.1 million in 2016). This net inflow included: €101.9 million of net interest paid in FY, • •Net capital expenditure of €110.3 mi l l ion (vs. €102.5 million of income tax paid in FY, €98.6 million in 2016), • An outflow of €118.4 million from change in working •€111.0 million of positive currency effect in FY. • capital on a reported basis (vs. an outflow of At December 31, 2017, the indebtedness ratio (Net €26.1 million in 2016). On a constant and adjusted financial debt / EBITDA), as calculated under the basis, working capital increased by 50bps as a Senior Credit Agreement terms, stood at 2.8x vs. percentage of the last 12-month sales, from 10.3% 3.0x at December 31, 2016. CONVENING NOTICE OF THE COMBINED SHAREHOLDERS’ MEETING 11